Alibaba Rival PDD Holdings Stock Shoots Higher On Upbeat Q2 Performance - Is It Good News For Chinese Economy?

PDD Holdings Inc PDD reported second-quarter FY23 revenue growth of 66% year-on-year to $7.21 billion, beating the consensus of $6.07 billion.

Non-GAAP earnings per ADS of $1.44 beat the consensus of $1.01.

Revenues from online marketing services and others rose 50% Y/Y to $5.23 billion.

Revenues from transaction services jumped 131% Y/Y to $1.98 billion.

The Alibaba Group Holding Limited BABA rival posted a non-GAAP operating profit of $2.01 billion, up 39% Y/Y.

Pinduoduo held $24.8 billion in cash and equivalents and generated $3.23 billion in operating cash flow.

"Over the recent quarter, we saw a positive shift in consumer sentiment, leading to a rise in demand across various product sectors," stated Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings. 

Price Action: PDD shares traded higher by 14.3% at $92.31 in the premarket on the last check Tuesday.